The Ukraine Ministry of Defense Is Unable To Accept Cryptocurrency Donations.
Many people have voiced a willingness to assist Ukraine during the Russian invasion. While the Ministry of Defense has established a bank account expressly for foreign currency donations, it is not legally permitted to receive crypto payments.
It appears that more individuals are becoming aware of the possible use-case for digital assets in support of various organizations or causes—even military conflicts.
While Ukraine is being invaded by Russian armed forces, the Ukrainian Ministry of Defense has received an avalanche of queries from foreigners willing to donate. However, according to “national legislation,” Ukraine’s Ministry of Defense is unable to accept other payment methods such as Bitcoin or PayPal.
Having said that, the Ministry of Defense did create a bank account for foreign currency donations “in response to numerous requests from individuals and legal entities who are not residents of Ukraine” who wished to give. According to the Ministry of Defense, the contributions help Ukraine’s Armed Forces with logistical and medical support.
The bank account that would accept overseas donations was only established in response to a large number of requests from those who wanted to give. Such wishing to directly help military units and institutions actively engaged in the conflict with Russia should contact the commanders or leaders of those organizations.
The crypto market plummeted today on news of Russia’s military offensive operations in Ukraine, and it has been trembling for many weeks over worries of exactly what happened today. Crypto payments to Ukrainian non-governmental organizations and volunteer groups have skyrocketed in the last year, owing in part to rising fears of armed war with Russia.
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